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tv   The Kudlow Report  CNBC  December 4, 2009 7:00pm-8:00pm EST

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unexpectedly jobs report today, the best in two years. to me, this really shows that economic recovery is here. it's for real and it's going to continue. for our show this evening around this dramatic event, we ask a series of key questions. first, should president obama's stimulus take credit? second is the gold rally and the dollar decline over? third, when will ben bernanke listen to the markets and stop bubbling up the monetary policy? fourth why is president obama using $140 billion of t.a.r.p. money. a new spendthrift era of cutting tacks or cutting sdet. why is nancy pelosi pushing an anti-capital, anti-investment, anti-recovery financial transactions. and six, why is barbara boxer
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treating the scientific skullduggery as criminal theft alone instead of an important challenge to the whole story about global warming and cap and trade. fasten your seat belts everybody. "the kudlow report" begins right now. good evening, everyone. welcome back to "account you had low report." today's big news, even with massive tax, spending and regulatory threats facing the economy, are mostly free market entrepreneurial business sector is generating the best jobs report in two years. and it looks like a self-sustaining economic recovery. unemployment fell slightly today. corporate job losses were basically flat. and small business jobs cained
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over $200,000. so tonight, we are going to look at all aspects of this blockbuster jobs news. what are implications for gold, dollar and stocks? why is washington still proposing anti-growth tax spending policies? and when will helicopter ben bernanke do the right thing to restrain his uber easy monetary policy. first up, please take a listen to president obama claiming credit for the recovery in allentown, pennsylvania, today. >> from the moment i was sworn into office, i began to take a number of difficult steps to end this economic crisis. by the way, i didn't take these steps because they were popular or because they were particularly gratifying to me. they weren't. you can be sure that when i was running for this office, things like saving the banks and rescuing auto companies were not on my to-do list. they weren't even on my want-to-do list.
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be r but i did them because they were necessary to save our country from even greater catastrophe. >> the question before the house right at the beginning of the program is, did president obama's stimulus package cause this jobs recovery and the economic recovery? joining us now to debate this is joe lockhart and tony fratto who served as the bush's deputy press secretary. the battle of the press secretaries. joe lockhart, you first. did president obama's stimulus cause this recovery? >> well listen, i think the stimulus program, as part of an overall effort to stabilize the economy, to keep us from going into a depression, a global financial meltdown, which frankly tony knows about because all of these efforts started near the end of the bush administration and went through ott bama administration. what they have done is they have
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stabilize. they have turned the economy from free fall into slow growth. now there's a lot more work to do, but the stimulus per va, and the streport came out earlier ts year. it knocked off about 1.5% unemployment. that's a big deal, 10% is too high, but 11.5% is higher. >> best jobs flort two years. even a small decline in unemployment, which is very promising. but tony, did you listen to what mr. joe lockhart just said. it sounded a wee bit like he was giving president bush credit for planting the seeds of this recovery. did you hear that? or was i hallucinating? >> no, that's because joe is a fair guy. he's paying attention. there's no question the t.a.r.p. of a year ago played a major role in, you know, protecting the economy from a complete collapse in the banking system. and i think a lot of people have
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acknowledged that. that really did stabilize, you know, the free fall. we had an awful first quarter this year. and, you know, the president, you know, put forward his stimulus plan. the stimulus spending plan. i think the problem for the administration right now is most of the bang from that stimulus is pretty much used up. >> so wait. this is great. joe lockhart said president bush planted some of the recovery seeds and you're saying president obama planted the recovery seeds. >> no, no, no. like i said, the financial rescue did stabilize the financial system, but look, this recovery is going to happen, it's going to take time for jobs to return, was but there's long road to positive job growth and the economy.
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businesses have cut their payrolls to the bone. they have shut a lot of jobs. we probably have come to the point where they stopped shedding jobs. the question now is are we going to get to actual jobs growth and a growing economy? >> i have to express my septemberism. after all, paul krugman writes and robert reich tells me every week that the obama stimulus package was designed to stimulate consumer demand. but, in fact, joe, it is not consumers leading the way. it is not retail sales leading the way, it is businesses who are leading the way in our mostly free market economy. doesn't that suggest it's free market private enterprise business rather than any obama stimulus program? >> listen, i think it's a false choice. jobs are going to be created primarily by private industry. when you get close to a tidal wave knocking out good businesses and bad businesses without any discretion at all,
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governments, too, have to step in. they have limited tools, but i think they've been used very effectively by the obama administration. you can argue that the stimulus was a little too big a little too small, but the actual spending of that which hasn't been spent. so there's still more bang in it. but the spending part of it is only a part of that. and probably even a small part of what's going to turn this around. you have the bank stabilize, the financial system stabilize. credit has to start flowing particularly to small businesses more. that's a problem that i think the spt still working on. >> i understand the analysis. i'm still skeptical, because it isn't consumers leading the way. it's businesses leading the way. the stimulus package had nothing in it for business whatsoever. joe is right about the credit recovery. and joe is being generous. i think it was president bush and paulson and ben bernanke,
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but that was late in 2008 that planted the seeds. >> thank you think of anything dumber? i mean really stupid than nancy pelosi banging the table for some kind of financial market transactions tax? is there anything dumber that might stop this recovery in its tracks? '. >> i've been railing on this for a long time. it's the last thing we need to do as we get these banks to some state of health, providing liquidity and credit that small businesses need, getting this investment cash to put investments in capital so they're creating jobs. the last thing we need to be doik is hamstringing the financial industry again. this is an idea that's rolling around over in europe. and i know some of our guys over at the imf just love this idea. it is just outrageously stupid
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tax policy right now. and a hamstringed, you know, u.s. financial services firms right now when we need them most. it's crazy. >> this is a new tax, joe. you know nancy pelosi. i do not understand the logic behind this. >> listen, anytime my colleagues on the right call something outrageously stupid, i need to take a close look at it. there's got to be something there. the politics are bad. they were bad for president bush, they're bad for president obama in this sense, which is the guys who caused a lot of these problems, the excesses, the meltdown wrt banks and they were the first ones to be saved. just look at what the president's done and wh he's trying to do to spur economic growth. there will be talk about a lot of things. some good ideas will go by the wayside. some bad ideas will also go by the wayside.
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i think you'll see laser focus on job creation. that's where the spt most focused. >> if you go out and talk to business businesses, you know, by every businessman that i talk to, what they're most worried about right now, and the reason they're not hiring is they're worried about what washington is going to do to them. >> now we have another dumb idea. the democrats -- press secretary gibbs said yes, they want to take the last $150 billion of unused t.a.r.p. money and, tony, recycle this into more spending, more handouts, more transfer payments, more welfarism. why not use it to cut taxes or pay down the debt. i do not understand this. this is anti-growth.
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>> not only are the ideas of what they're talking about doing with the money wrong and creating the wrong incentives and trying to poor more sugar on the economy, but when we passed the t.a.r.p. legislation back in november, we made a contract to the american people, made a promise to the american people the repayment to f.t.a.r.p. would pay down the deficit. we said this money would be returned to the american people. this is breaking a promise with the american people when we asked them to give us this money to save the banks. i do think think the government stimulus money has been effective. there may need to be more. i doubt they'll call it stimulus.
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but you were looking at something that -- it may not be pretty to look at. you saw good news this week on that front. >> joe irk may disagree with you, but you got the last word on that one. thank you for coming tonight. tony as always, thanks for helping us out. all right, now, let's continue this conversation after today's good jobs report. let's talk about whether the report is as good as i think it is, or whether the economy itself is in recovery mode, and is as real as i think that recovery mode is. >> we're going to have a long segment, but first, i want to get a quick whip around. mort zukerman, just give me a quick word here. you've been kind of a pessimist on the economy. absolutely speaking where do you stand, mort? >> doi agree with you. not only this month, i might add, came out better than people anticipated and better than i anticipated. but also, there were adjustments
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to the preceding two months so that the average number of jobs lost over three months was $135,000 a month, and that's much lore than what we've been doing before. but -- and i'm afraid i have to throw in the word butt, i just think it's a little bit early to tell. one never knows to the extent people left the labor force. this only measures people who looked far job the last four weeks. and that i think is limiting, shall we say, definition. we have to see what household unemployment is as well as business unemployment. the fact is, in any event, it's certainly a step forward. i don't believe we're entirely out of the woods. we're going to have relatively high unemployment, simply because of the nature of the recession we've had, which is one that's induced by a financial crisis. that credit squeeze is particularly prevalent in the small business world, which is a big generator of jobs. i don't see that changing far while, and i don't see job creation as you described it
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being as strong as implied here going forward. we're just going to have to see over the first three months of next year. >> appreciate it. we're going to have a long segment after this. i think the woods are getting thinner. mort makes a good point about small business skbrons but one of the most encouraging things is, we actually saw a large increase in the household survey, which tends to pick up the smaller owner-operator jobs. 227,000 jobs were created. i don't know how long it's been since we created anything in there. mike, you've been an optimist on this. you just wrote an articlecy saiing this will not be a jobless recovery. give mae quick smidgen. >> okay, you point out the household survey. we also saw the first increase in private sector service employment since december of 2007. you throw in the revisions which just weren't upwards this month. the last employment report which was a little worse than expected
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ended up having pretty strong upward revisions to the prior two months before that. temporary help has now turned up for four straight months. first-time jobless claims, leading labor market indicator have plunged by the fastest magnitude from the recession peak than any other business cycle going back to 1967 with the exception of the early 1980s. the labor market is turning, and it's turning in a convincing fashion. >> all right, david, your excellent o-ed wall street journal piece today raises this. you're worried the declining dollar is pushing capital overseas. the very capital, david, that we need to encourage our entrepreneurs. where are you on this after today's jobs report? >> yeah, that it already happened, meaning for year, we've been pushing, weakening the dollar and pushing the
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capital abroad. obap bama is pushing through and it's harmful to small businesses because the capital gets rationed. only big companies and governments are able to get the full allocation of capital, so we lose jobs because of it. the thing that's frustrating is it can always be changed pretty readily. and then you would have a flood of capital back to the u.s. >> after you looked at today's report, are you more orless optimistic? >> oh, more optimistic. i think it's a good report. i believe it's going to be a hard slog in 2010 because of credit, because there's 10% unemployment. >> by itself, it doesn't rule out a stronger than expected recovery, which is what happened during the reagan 1980s, steve. i mean, what's your take? i know you've been a pessimist
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and worried, but what's your take after today's job report? are you a convert to recovery? >> i will tell you what you take is. i want some of this kool-aid you all are drinking. joe lockhart talking about the stimulus bill being a success, the greatest public policy failure in the history of washington. we lost 6 million jobs in this recession. we lost jobs in this report. you all sound like we gained jobs. i do think we're going to have a recovery. it has nothing to do with fiscal policy. it's the monetary stimulus that we're seeing, but you can't borrow yourself into long-term prosperity. put me in the bullish camp right now. >> but it is still a mostly free market economy, is it not, steve moore? threats are out there. i talk about them every night including this evening with joe lockhart, but it is still mostly a free market economy. >> there's no question about it, but my point is, if we hadn't
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done all these things we've done for the last year, we would be much further aflong this expansion. everything washington has done has prolonged the recession. >> that's right, a lot of this was unnecessary. >> well, amen to that. we're going to come back and talk about all that stuff. much more on the recovery with our distinguished panel. i want to get into some of the details of the story. i want to ask them what their outlook is, not only for the economy but stocks and gold and the dollar. and later on, the question has got to be asked, when will ben bernanke listen to the markets and the economy and start restraining his bubble up monetary policy. we're going to listen to what fed critic south carolina senator jim demint had to say to me on the show last evening. you're watching cnbc first in business worldwide. i got to tell you, folks, i am an optimist. we are going to have some u.s. economic recovery. >> the fed, as you pointed out at the beginning of the show has
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yet to admit that loose monetary policy along with bad policy with fannie mae and other things have created this crisis. he has pushed the blame from what he did to the free market capitalism system, and now they're using that as an excuse to overregulate our whole private economy. (announcer) we call it the american renewal. because we believe in the strength of american businesses.
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all right, we are back. there's some november jobs report stuff. basically flat, big huge novembers. it says october, but actually, it was september and october, revised up 160,000. unemployment dipped slightly to 10%. that's the first 0.2 decline in unemployment since the middle of 2006. average hourly earnings up slightly. more important than that, the average work week lengthened,
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which shows that we are seeing the beginning of job creation. i believe the layoffs have ended. near-zero rates are hurting the economy. we have the great mort zuckerman and "the wall street journal's" steve moore, unconvinced about any of this prosperity, hence he's the co-author of the book "the end of prosperity" and michael darda. let me ask you some snip ets here. i'm calling this a business-led recovery. it always is, but it seems to me, business profits are surging, business productivity is surging. business cash flow is surging. business credit, as per the credit market, and you've written about this a lot is also surging. michael, isn't this enough to sustain us? in other words, this manic charting of retail sales every
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day by certain networks whose name i won't use really kind of missed the business point, has it snot. >> yes, larry, it's completely missed it. look, this recovery is going to transition from the credit markets, corporate earnings in inventories, and that's how business recoveries started. that will sustain spending in 2010 and push the recovery onward. so this obsessing about the high consumer share gdp, high debt ratios, high unemployment rates, all of those things looked a heck of a lot worse than they have over the last few months at the business cycle trough in 1933. what followed was years of 10% gdp growth. we are coming out of a very deep hole. this might not be a long boom and it could take us five or more years to get back to full employment, and we may not get back to full employment if we make some bad policy decisions before the next business cycle
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recession. was that doesn't mean that 2010 can't surprise to the upside. the expectations are still fairly anemic for 2010 growth. i think we're going to be about 4% plus for real gdp in 2010. >> and when do the large company jobs start rising. are we going to see that in the first quarter? actually you might see nit november after revisions. >> we thought there was an outside chance that december would be the first positive month, but you're right. with the revisions, but i think q1 2010 is when we start to see sustained job increases. >> mort zuckerman, i'm surprised you haven't talked more about the return to health for business. i agree that small business had a hell of a tile getting credit and capital. i agree with that. but certainly, mort, the stock market businesses, the publicly owned businesses, they have been tapping into the credit markets with fantastic credit. and that is sustaining them on
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top of their profits and their cash flow. we may be in the best business shape we've been in in many, many years. >> i agree with that. i mean, i think the large corporations, the good credits have been able to use the public markets to raise money. but let me just say to you, the medium and small companies are pretty much frozen out of the credit lines. and the credit markets. that's a huge part of the problem we now face. that part of the credit market, they're still frozen. i was at the jobs summit yesterday and the president acknowledged that. and he knew that we had to do something about that. and so far, that's very difficult nut to track. >> i can't help myself on this point because i did not understand the so-called jobs summit. they're going to try to use the $140 billion of the remaining t.a.r.p. money, which was supposed to be at banks and supposed to be paid down to tax pairs either through tax cuts or debt reduction. they are going to use that t.a.r.p. money to have another
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round of transer famts and welfare payments. this strikes me as utterly insane. >> i don't think welfare payments are going to stimulate the economy but this is not to say we are out of the woods. it's going to take another few months before we realize whether those aspirational suggestions that we're going to be having a lot of growth and unemployment is going to take place. i think the business model has changed. the reason the stock market is going up in part is there's a lot of liquidity in the system and b, systems have cut costs so dramatically. it's not their revenue line that's going up, it's costs that's coming down. >> sales are picking up. sales are picking up, in fairness. the data show that. >> yeah, some of it. i think businesses is not going to be hiring.
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the problem is they're going to be hiring. that's what we really need to look at over the next three or four months. >> you have written before on the difficulty of the small business situation. i want to ask you first of all, were you surprised that today's household jobs number, which jumped up 227,000, that's got to be a good omen. i want to get your take on that and ask you, with today's dollar rally, now, gold sold off about $50, and the u.s. dollar, the broad measure was up a full percentage point or so. does that change anything in your mind, david? is this a turning point of some kind? >> if we had the dollar strengthening, capital wuld come back to the u.s., with the dollar having been in a weakening trend, it pushes the capital away. as far as the household survey, remember, it's a small survey, but certainly, there is the
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beginnings of jobs being created in small businesses after a long dearth. we went months a year -- you asked at the beginning of the show, is there any dumber tax than the financial transactions tax? the answer is yes, and oh, they've been proposed. it's the increase in the capital gains tax that's been proposed. and the increase in the payroll tax that people have been talking about. and so, you know, the small business community faces the lack of credit, because of what the regulators are doing, and they face this impending tax increase. >> you know, steve moore, look, i am not denying the huge economic threats from all these high tax proposals and the regulatory proposals and the health care and all the rest of it, steve. i guess what i want to ask you, is it possible that this stuff could be stopped? it's political call. is it possible that calmer heads
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could prevail? >> i certainly hope so. everything we're doing in washington is doing violence to capital formation. you're right on the mark. capitalism draws capitalism. all the borrowing, the week dollar, the higher taxes are driving capital out of the united states. and david, as you know, that's the opposite of what happened in the '80s and '90s chen the u.s. was just sucking up capital from the rest of the world. maybe the reason i disagree a little bit with you and some of the others on this panel is t t thatty just don't think wall street gets it. we're just not going to get the incredible bullish expansion we should get. you talked about the early 80ed, larry. remember what happened when we had 7%, 8% growth.
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that's what we should have but we're not going to get it because of stupidity in washington. >> there were tax cuts and a strengthening dollar. if we did that now, we would get that kind of growth. >> i agree. amen. >> so mort, because of your influence and pull with this administration. here they're inviting you to their crucial job conferences, can't you talk some sense into them? or maybe you don't agree with the sense? >> i feel like the '92-year-old man who was sued in a paternity suit he was so proud he pleaded guilty. i don't think i quite enjoy that kind of influence, but let me just say to you. i do think, and i have been critical of their -- frankly from the stimulus program. i think it was well intentioned and badly conceived. and frankly, i would still favor some kind of stimulus program if this dmi doesn't strengthen. we could go on with a lot of negative consequences for the economy and the country. i don't thinkle t.a.r.p. money should be used for transper
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payments. that's not going to stimulate the economy. that was the problem i had with the stimulus program. so much was not going to stimulate the economy. and tax cuts, i might say, you have to be very careful because that money is generally not spent. maybe there is going to be insentive. i'm not in favor of increasing taxes for sure. any of those taxes in my judgment could be -- >> hang on to it, steve. >> where is the constitutionally of that? i mean, they can't just spend money. >> i can't wait to talk about the constitution. i just got to take a hard commercial graek. you all are coming right back. i want to ask everybody, by the way, will ben bernanke restrain. will we keep a stronger dollar and weaker gold? how is business surviving after all these anti-growth stlet threats. we have much more to achieve. by the way, climate-gate with senator james inhofe, how in the world can that not stop another economic threat? cap and trade with its tax impact. maybe it will.
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so far i'm skeptical. we are "the kudlow report." stay with us. i am an optimist this evening for sure.
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>> i want to ask our panelists if this recover vi real or not.
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with all these threat, tax threat, regulatory threats, currency threat, the bad dollar steve moore is talking about. how is it that business has escaped it? how important is this? >> we know there were strong periods of recoveries even in the 190s and '70s. so it's a different discussion when we're talking about a long boom or a return to unemployment. we need policies that sustain growth at a high level to do that. and i don't think anyone on this panel knows if that will be the case. certainly we all hope it will, but that's a different argument and debate than whether the 2010 economy is going to be strong or weak or above trend or below
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trend. we look at economic indicators. they're looking at recovery that's probably going to be a good bit stronger than the consensus suspects. >> david malpass, we talked about ben bernanke. first, the latest scott rasmussen poll. 26% want to replace bernanke. only 21% favor bernanke. david, do you expect bernanke to act sooner or later regarding the restraint of his ultra easy monetary policy? >> i think the fed can maintain its political independence. it's a bad direction for congress to go with auditing the fed. the fed makes misfangs congress
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needs to ask why did chairman greenspan set the interest rate too low and create the bubble in 2004, '05, and '06. you don't need an auditor or internal investigation. >> but if i may, it takes five years to get the full minutes of the federal open market policy committee. five years. the gao audit would shorten that to six months. jaun claude trichet gives a news conference after every conference. why is this bad? >> i think when congress begins to investigate, it puts s s a p over people's decision making. it's not the congressional link that's the problem, it's the actual economics that's underneath their decisions. the fed actually thinks that a weakening dollar is okay for the country. if they didn't think that, they could speak up and it would change. if they said tomorrow that they would like the dollar to be stronger in order to bring capital back into the country, it would happen.
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the markets would double the bet and the money would come home. >> so steve moore, you usually complain about ben bernanke and the federal reserve. i want to ask you, steve moore, do you believe, mr. bernanke, you're looking at the market indicator, will he look at this jobs report and see improvement? >> i think half of americans don't even know who ben bernanke is. >> but will he restrain? you say you hope so, but i want more clarification. >> look, i will say this. we've been calling for that for well over a year. will he end it? who knows. there's no indication that he's concerned as david malpass just said, about the fall in the dollar, which i find to be a
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very troubling thing. and look, i do think we're going to see a recovery. we're going to see a recovery about half what we should have. >> but it's better than nothing. >> we may be able to stop some of these kpax reich hooiks. in a whole litany of policies, we talked about the transaction tax and weak dollar. here's one this afternoon, mort. i need you to do this short, but i've got to give it to you. senators blanche lincoln, frank lautenberg and robert mendez have put a bill in now. they want to cap the compensation of executive pay for private health care insurers. now, that -- let me just raise that this. the private health care sector today scored another 25,000 job increase, over the whole recession, private health care
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sector has increased, increased jobs during this recession by 650,000. do you have a final thought on this? >> i think it's insane what they're proposing. everyone was better than the average. i think it could not be a more countereconomic rationale policy. >> mort zuckerman, positive growth? >> yes in the fourth quarter, no in the first quarter. >> positive growth? >> yes in both quarters.
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>> steve more? >> 0% to 2%, when we should have 5% or 6%. >> we might get that 5% or 6%, larry. don't count it out just yet. coming up, why is barbara boxer treating the climate skullduggery as criminal theft? this is one of those ultra dumb anti-recovery policies. we will cover it on "the cud le report." but i am still bullish about business, at least for the next year or so. >> scientists were coming to me and saying they're cooking the science, the ipcc, the united nations started this whole thing. that they will only listen to people who are married to the idea that gases cause global warming. it's not there. the science isn't there. ♪
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among the throats to economic recovery, climate change and cap and warning. why is barbara boxer cheaping the scandal as a criminal theft
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matter rather than an important challenge to global warming and cap and trade. >> senator jim inhofe of oklahoma. temperature. i just want to tease this. these e-mails, however they were procured really show that the science is not stated and that they suppress these big shots in the united kingdom and penn state in the u.s., they suppress some of the truth that data has been fixed and the skeptics have been silenced. now what is up with this. how can this be rectified? >> well, first of all, larry, you have to remember, because we talked about this before. four years ago, scientists were coming to me and so i made a speech on the floor.
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they were tell meg the same thing that came out in these e-mails. i so i made a speech on the floor, a long one saying i thought what was going on. that was four years ago. now we find out it has to be true. we actually have the individuals. and if you look at the one that is in charge of the ipcc, he's the guy that's in charge of all the science that we're now use using for policy in america. i don't want to run out of time without saying my major concern. i had a sigh of relief back when i thought we could stop this thing because all the science that we're using for an endangerment finding is the ipcc. now that we've discredited that, i asked lisa jackson, the head of the epa if we could stop anything, any further movement in endangerment finding. that would be the greatest -- that would cost american jobs, billions of dollars. >> you got more time on the other side. i want you to tell all of us whether this dye climate gate will entirely discredit global warming and will it entirely
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>> we're talking about climate-gate, hack into the e-mails in the united kingdom and penn state where they showed a real cover-up of scientific dissent about global warming. i think that's fair to say, senator inhofe. i want to ask you, look, the whole u.n., climate change copenhagen thing depends on the data coming out of this penn state axis. the cap and trade from the obama administration and their e.p.a. seems to come out of this data. has this been completely knocked out. has it been so underserved and discredited it's going to discredit global warming cap and trade? >> it should, but i have to tell you, barbara boxer and obama are in denial. they're trying to act like it's not a big deal. real quickly, if you look at the uk telegraph, they said this is
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the worst scientific scandal of our generation. and then "the guardian" this guy is an environmental activist says pretending this isn't a real crisis isn't going to make it go away. i really believe they won't get by with this and yet they're going to go right up there and the president is going to go to copenhagen. he's going to offer, from what i understand and say we will commit in america to a 17% reduction by the year 2020. and obviously you can't do that. unfortunately, a lot of these western european countries don't know our government and the way it works. >> but senator, what these e-mails show is that there are huge gaps and flaws in the so-called scientific evidence. how do we know what the right temperature is for the world nevertheless whether it's manmade global warming. how do we know that?
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and secondly, how do we no know what the economic tradeoff cost is to get to that so-called right temperature. if the science on the warming isn't any good, how can we possibly solve these other issues about the right temperature and economic growth. >> what they try to do with cap and trade is not so much the right temperature, but to try to reduce emissions. the science is based on the ipcc. that's what's been discredited, as i said a minute ago. the worst thing, and i hope you keep talking about it, is the endangerment finding. if you want to lose jobs in america and cost billions and billions of dollar, go ahead and do that. my fear is our president will go to copenhagen and announce that we're going to do that. and that would be a terrible thing. >> i got to get out senator inhofe. we'll talk much more about this in the coming weeks. okay, now here's our holiday gift list. aww, not the mall. well, i'll do the shopping... if you do the shipping.
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my last word this weekend is optimism on economy and jobs, at least for the next year. listen, this is a turning points, the jobs report today. very important. go all the way whack to last winter. i planted mustard seeds. lower emergency prices, easier money from the fed than i thought was appropriate. those mustard seeds are now growing into economic recovery.
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i appreciate that. so nothing is forever. but right now, we are turning into a decent recovery including jobs, and i want to celebrate tonight. have a good weekend. ♪ do a little dance sun life financial has never taken government bailout money, yet no one knows our name. ♪ get down tonight that's about to change. so you'll pay for the tour, but i have to change my name? no, you're still kc, but from now on, they will be the sun life band. it's funky. sooner or later, you'll know our name. sun life financial. there's work you. and weekend you. and vacation you. and party you. and sports nut you.
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